Autumn Statement 2012: The key points

Watch the key moments of the Chancellor George Osborne's Autumn Statement on
the state of the economy and the Government's finances.

5:29PM GMT 05 Dec 2012

As he took to his feet to deliver the Autumn Statement in the House of Commons, George Osborne insisted: "We are making progress." He went on to say that growth of minus 0.1 per cent was forecast for this year, rising to 1.2 per cent next year. The Chancellor added that he would like to see a further £1 billion of efficiency savings across all Whitehall departments, in addition to the £12bn already saved.

On this issue of tax avoidance, Mr Osborne said that there were still too many people who used aggressive methods to get out of paying their fair share. But, he added: "This government has taken more action against these people than any before it. Prosecutions for tax evasion are up 80 per cent. We will collect £7bn more a year in tax that is due, than the last government."

He added that he would cut the main rate of corporation tax to 21 per cent, the fuel tax rise has been scrapped and people will be able to earn £9,440 before paying any income tax.

Mr Osborne concluded by saying: "The deficit is down, borrowing is down, jobs are being created. It is a hard road, but we are making progress and everything we do we are helping those who want to work hard and get on."